Front-month March contracts settled 0.25 euros higher at 195.50 euros. They earlier struck a near seven-month low at 192.75 euros but held above the technical threshold of 192.50 euros, traders said. A sell-off had started on Thursday, taking old-crop prices below the 200 euro chart floor, with Friday's expiry of options on March futures adding technical pressure.
A slide in Chicago wheat following disappointing US export sales figures had contributed to the drop, but a US holiday closure on Monday encouraged the consolidation on Euronext. "There is a bit of a hangover among sellers who are surprised by the scale of the price fall and its timing," a French cash broker said.
"At the same time, the loading lineup is getting a lot longer and physical premiums remain positive, which is acting as a curb to this sudden price fall." After France was tipped by traders to claim all of a 600,000 tonne tender purchase by Algeria and part of a 100,000 tonne purchase by Tunisia last week, port data showed a bigger loading schedule for the coming days.
That included vessels for Algeria, Tunisia, Morocco, West Africa and a first cargo of the season for Yemen. However, overall European Union soft wheat exports so far in 2018/19 were 19 percent below last season's level at 10.65 million tonnes, European Commission data showed. In Germany, standard bread wheat with 12 percent protein for February delivery in Hamburg was offered for sale at around 8.0 euros over Paris March against 9.0 euros over on Friday.
"The sharp fall in Paris on Friday caused uncertainty and overall weakness," one German trader said. "The steady but unspectacular German wheat exports continue to keep premiums over Paris, with a ship sailing last week with about 45,000 tonnes of German wheat for Kenya." Mild weather in western Europe was keeping crops in good condition as they emerged from winter while also helping early sowing of spring crops.
"German wheat plants are looking in good shape and I have seen no reports of significant frost damage," the trader said. In France, farming agency FranceAgriMer estimated that 85 percent of soft wheat was in good or excellent condition by Feb. 11, while spring barley sowing was 12 percent complete.